President Trump announced this afternoon that he would impose new tariffs of at least 10 percent on all goods imported into the U.S. from every country other than Canada and Mexico. He also promised steep additional levies on dozens of countries that he claimed had been unfairly taking advantage of America. Here’s the latest.
Together, the new tariffs are by far Trump’s most expansive to date. They include a 34 percent fee on goods from China — on top of the 20 percent already placed on Beijing — as well as a 20 percent fee on goods from the E.U. Once in place, they are likely to upend global trade and incite retaliation. My colleagues are covering the reaction from around the world.
“Many people had been expecting the president to announce high tariffs today, but the numbers that he just revealed are stunning,” our trade reporter Ana Swanson said. “That will likely force some manufacturing back into the U.S., but also raise costs for American consumers and manufacturers.”
White House officials said that the 10 percent base line tariffs will go into effect on Saturday, and the additional “reciprocal” rates on April 9. Canada and Mexico will not be hit by the new measures, though they will continue to be subject to a 25 percent tariff that Trump imposed on many of their products last month, in addition to separate global tariffs on steel, aluminum and cars.
Trump, who has described tariffs as “the greatest thing ever invented,” seemed to relish detailing the high fees. He described the rollout event in the Rose Garden as one of the most important moments in American history.
Many economists — even those who say Trump has a point about America’s unfair trade relationships — warn that the tariffs could cause substantial collateral damage and backfire on the president’s goals for jobs, manufacturing and the economy. The E.U., for example, could strike back against the U.S. service sector. The early market reaction pointed to a further slide in the stock market and a weakening dollar.
In other politics news:
A tough day for Elon Musk
Tesla announced today that its global sales in the first quarter had fallen 13 percent from a year earlier. The decline, which came at a time when electric vehicle sales were rising around the world, reflected potentially serious problems for the company.
Tesla’s tepid sales were revealed just hours after Brad Schimel, Musk’s preferred candidate in a race for a Wisconsin Supreme Court seat, lost to a liberal judge. Musk had spent more than $25 million to support Schimel and declared that “the course of Western civilization” was at stake.
What’s next: Despite the humiliating political defeat in Wisconsin, two people with knowledge of the president’s thinking said that Trump has no intention of cutting ties with Musk.
Israel captured new territory in Gaza
Prime Minister Benjamin Netanyahu announced today that Israel is seizing territory in Gaza. The move, he said, was meant to push Hamas to return the remaining hostages captured during the Oct. 7 attacks. “The pressure will increase until they hand them over,” Netanyahu said. Israel appears to be planning to station troops in captured territory.
In Gaza, the Abu Teir family thought the January cease-fire might mean they could start to rebuild their lives. But a new round of Israeli airstrikes dashed those dreams. Here’s their story.
Millions at risk for tornadoes and flooding
Extremely strong tornadoes are expected to tear though the middle of the U.S. today, threatening a region that stretches from Texas to Michigan. By tomorrow, forecasters predict that the storm system will stall — causing potentially significant flooding across the same area.
The slow-moving storm could drop 10 to 15 inches of rain over the next several days, possibly creating what forecasters call a “generational flooding” event, particularly in northeast Arkansas, western Tennessee, western Kentucky and southern Indiana. See the area.
Remembering Val Kilmer
Val Kilmer — a homegrown Hollywood performer who was once one of Juilliard’s youngest acting students and later became an unmistakable star — died yesterday at 65.
He was a leading man during the ’80s and ’90s; he was Batman in the 1995 film “Batman Forever,” an almost perfect artifact of its time. But much of Kilmer’s most memorable acting came in supporting roles, including the cocky fighter pilot known as Iceman in “Top Gun.”
Stream some of his best movies, and check out Kilmer’s life in photos.
David Hockney is ready for the exhibition of his life
When the Louis Vuitton Foundation in Paris asked David Hockney two years ago about staging a retrospective of his work, he assumed he wouldn’t be around to see it. Now, at 87 and under constant medical care, the artist is determined to attend what will be his biggest show ever.
“David Hockney 25,” which opens next week, features more than 400 pieces. Hockney said he wanted visitors to take away just one thing from the show: “Joy, some real joy!”
Meet Bing, a good boy
Naomi Watts and Bill Murray star in the new film adaptation of Sigrid Nunez’s award-winning novel “The Friend,” now in theaters. But the movie’s main attraction is Bing, a 150-pound Harlequin Great Dane who plays a dog named Apollo. He was even given a fancy dressing room trailer.
Bing, it should be said, is a very good boy. Sometimes, however, that’s not what the filmmakers wanted. In one scene, he was supposed to defy instructions to get off a fancy couch. But Bing, who is well trained, would just get off the couch.
Have a well-mannered evening.
Thanks for reading. I’ll be back tomorrow. — Matthew
Philip Pacheco was our photo editor today.
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